Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) a b d e Sales $ 62,000 $ 43,500 $ 46,000 25,600 8,000 17,050 7,500 8,000 4,560 38,000 32,000 6,600 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) (9,000) (6,600) (3,000) 16,000 34,050 7,000 3,750 45,600 10,000 6,000 10,650 16,850 12,150 (8,400) 3,600 42,000 $ $ $